Panoramic cameras provide a convenient way to capture a 360 degree field of view with a single camera. Cameras of this type are very useful for surveillance and security applications. Such systems are disclosed in U.S. Pat. No. 7,071,964 (360-Degree Panoramic Scene-Storage Device), and U.S. patent application Ser. No. 12/035,404 (Panoramic Image Management System and Method). Both of these references are incorporated herein by reference, to the extent not inconsistent with this disclosure. Exposure control with cameras of this type can be quite difficult, as there are a variety of lighting conditions, and usage scenarios (e.g. indoor, outdoor, night use) that should be considered for optimal performance. As there is an ever increasing need for security and surveillance, it is desired to have an improved camera for the acquisition of panoramic images in the aforementioned usage scenarios.